This is the fifth blog post in our series speaking to Home Services CFOs about the issues on the horizon for an industry undergoing rapid transformation. One of our earlier posts explored how accounting can hold back growth because companies can’t effectively manage all the money coming in. But accounting isn’t just an obstacle at worst and an obligation at best – it can be an accelerator for growth as well. In fact, excellent accounting is what distinguishes many of the leading home services providers from the rest.
Top providers can use accounting to their advantage because they have the underlying technology it takes. That means they have upgraded from their basic or introductory accounting software to something like Sage Intacct that was built for mature, upward-oriented companies. They also have a tool like ServiceTitan running the front-office while feeding financial data directly into Sage Intacct.
Integration is the key to the whole equation. Important as it may be to have a powerful platform at both ends of a company, linking them together unleashes powerful accounting capabilities that put home services CFOs in the driver’s seat of success. Growth comes sooner, happens smoother, and scales farther when accounting ties into everything else. Here’s how:
- Minimize Mistakes – Accounting mistakes can be a constant source of frustration that wastes time and creates confusion – or worse. Most of those mistakes result from moving data manually, which isn’t necessary anymore once two systems share data automatically.
- Extend Visibility – When the accounting team has better visibility into the service side of the company, it doesn’t have to ask for missing information or make decisions with an incomplete understanding. Every part of accounting improves with more visibility into what’s happening inside a company.
- Save Time – Less time spent moving data between systems and repeating redundant processes means more time to focus elsewhere. CFOs and accountants could use that newfound time to plan growth strategies in all the detail they require.
- Improve Insights – Companies have a more accurate and expansive understanding of financial performance and so much more when the accounting software ingests data from the rest of the organization. Better insights leads to better decision making and strategic planning, especially during growth phases when companies are expanding into the unknown.
- Drive Efficiency – Linking systems together eliminates friction points. And thanks to improved visibility, integration reveals where invisible inefficiencies might exist. Improving efficiency inside and outside the accounting department helps make growth possible and then sustainable.
- Avoid Disruption – The Covid-19 pandemic taught everyone to expect the unexpected. A transforming home services industry will keep companies on their toes, making adaptability essential for continued growth. Integrated systems facilitate change. More importantly, disconnected systems make change harder (or impossible) to manage.
- Discover Innovation – Innovation is both an opportunity and a requirement for home services providers headed into a transformative decade. Integrated technology enables some forms of innovation while calling attention to others. Companies have the means to evolve and improve after they start to operate as a single entity united by technology.
Companies can upgrade and integrate their technology now, while it’s still an advantage. Or they can wait until later, when it’s an overdue obligation. Integration must happen eventually. Ensure that the process runs smoothly and exceeds expectations with the assistance of AcctTwo. We explore many of these same issues in greater depth in our recent ebook “The Shortcut to Growth in the Home Services Sector” – download your free copy here!
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